PG said the termination was "premature and unfounded as it lacks legal and contractual basis."
"Despite Century's good faith efforts to bring its investment transaction to closing, the Okada group did not deliver its closing obligations," the property company of the Antonio family said.
The parties signed a deal that would have given CPG a stake in Okada-led holding firm Eagle I Landholdings Inc., which owns the 30-hectare Manila Bay Resorts in the Entertainment City at the Manila Bay area. CPG also agreed to develop a 5-hectare luxury residential and commercial project within the casino complex.
"The investment of Century in the project regrettably cannot proceed at this point. Century is currently reviewing its legal options to preserve its rights and shall issue an official response to the notice of termination shortly."
In a disclosure to the Philippine Stock Exchange, CPG said it received the notice from Eagle 1, Eagle II Holdco and Brontia. It said it sent a notice of dispute to the companies, triggering a mandatory 21-day period of discussion among the parties. While the period of discussion was still in effect, CGP said the Okada companies still proceeded with the termination.
CPG said it was still open to proceed with the deal, "if our dispute is resolved in a constructive manner in the days to come and if all conditions are met to protect the interest of our shareholders."
The company said it allocated USD12 million for the casino project sourced from its existing cash balances.
Okada's group holds one of 4 licenses handed out by Philippine Amusement and Gaming Corporation (Pagcor) for casino projects worth at least USD1 billion each in Entertainment City.
Other franchises are held by the tie-up of Australian billionaire James packer and Macau gambling tycoon Lawrence Ho, and the firm of port billionaire Enrique Razon Jr.
Earlier, Okada's group also tried to partner with the Gokongwei family for its casino complex, but negotiations collapsed.Okada was embroiled in controversy when he was sued by his US partner Steve Wynn for alleged bribery of Pagcor officials in his pursuit of a Manila casino license.